Tether, Tron, and TRM Labs launch unit to combat USDT crimes
Tether (CRYPTO:USDT), Tron (CRYPTO:TRX), and blockchain intelligence firm TRM Labs have joined forces to combat criminal activities involving Tether’s USDT stablecoin on the TRON blockchain.
This collaboration, called the T3 Financial Crime Unit (T3 FCU), aims to address illicit activities such as blackmail, scams, and fraud linked to USDT transactions on TRON, a popular blockchain network.
Based on a 2023 report from TRM Labs, nearly 45% of all illicit crypto volume occurred on the TRON blockchain.
In response, Tron, founded by Justin Sun, has partnered with Tether and TRM Labs to form this public-private task force to counter financial crime.
Given USDT's high liquidity and low transaction fees on the TRON network, it has become an attractive target for scammers, terrorist financiers, and other malicious actors.
According to TRM Labs, scams and fraud accounted for about one-third of all crypto crimes last year, with USDT being the leading stablecoin involved in terrorist financing on TRON.
Chris Janczewski, Head of Global Investigations at TRM Labs, emphasized the need for key industry players to proactively combat illicit activity to maintain a secure environment in the expanding stablecoin market.
The T3 FCU collaborates closely with law enforcement agencies to tackle these crimes, recovering over 12 million USDT linked to illegal activities.
Tether has also taken significant steps to combat crime, such as freezing $5.2 million in USDT tied to scams earlier this year and $225 million in USDT connected to a human trafficking syndicate in 2023 — the largest crypto freeze in history.
The T3 Financial Crime Unit represents a crucial step in strengthening security and preventing criminal misuse of USDT.
At the time of writing, the Tether (USDT) price was $0.9991, and the TRON (TRX) price was $0.1531.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Shiba Inu Community Pushes Token Toward $0,001
Can You Turn $500 Into $500 With These Cryptocurrencies?
215 Arrested in South Korea’s $232M Crypto Scam
South Korean police have arrested 215 people for taking part in a massive crypto fraud scheme
BlackRock Launches BUIDL Fund on 5 Blockchains
BlackRock, the world’s largest asset manager, just took a big step in the crypto world